Holcim-owned >ACC and >Ambuja Cement have received their investors’ nod for paying a “technology and know-how” fee of one per cent of the net sales to Holcim Technology for two years, starting 2013.
The postal voting, conducted as an ordinary resolution by ACC, was passed with 75.65 per cent of members voting in favour, and 24.30 per cent voting against it. There were 0.05 per cent invalid votes.
Postal ballot
In the case of Ambuja Cement, 71.84 per cent of shareholders who cast their vote favoured the resolution, while 28.16 per cent rejected the move. Both the companies informed the exchange in a separate statement on Tuesday. The postal ballot closed on February 15.
Though the technology and know-how fee will kick in from this year, the payment to Holcim Technology will be in the region of Rs 100-150 crore, going by the companies’ financial performance last year.
For instance, ACC recorded net sales of Rs 11,130 crore last year. Of this, Holcim Technology will receive a payment of Rs 111 crore. It will receive Rs 97 crore from Ambuja, given that its net sales figure was Rs 97 crore.
Shares of ACC were up three per cent to Rs 1,297, while Ambuja’s gained two per cent to Rs 194.